非银行业周报：港交所优化交收费结构，提振港股交易活跃度

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The insurance industry is actively integrating AI technologies to enhance various operational aspects, potentially leading to significant economic benefits, with estimates suggesting over $50 billion in annual economic gains from generative AI applications [4][37] - The securities sector is set to benefit from the Hong Kong Stock Exchange's optimization of transaction fee structures, which aims to enhance market attractiveness and fairness in trading costs [4][40] Summary by Sections 1. Index and Sector Performance - The Shanghai Composite Index increased by 1.00% this week, while the securities sector (Securities II) rose by 0.58% [6][7] - The insurance sector (Insurance II) decreased by 1.04%, underperforming the Shanghai Composite by 2.05 percentage points [4][36] 2. Insurance Weekly Data Tracking - As of the end of December 2024, the total assets of the insurance industry reached 35.9 trillion yuan, with life insurance companies holding 31.6 trillion yuan, reflecting a year-on-year growth of 15.3% [35] - The cumulative insurance premium income for the insurance industry was 5.7 trillion yuan in 2024, showing a growth of 5.7% year-on-year [35] 3. Brokerage Weekly Data Tracking - The margin trading balance increased by 1.44% to 1.88 trillion yuan as of February 20 [16] - The issuance of new funds surged by 281.9% to 16.3 billion units this week, with equity funds seeing a remarkable increase of 750.1% to 4.4 billion units [19] 4. Key Company Announcements & Industry News - The Hong Kong Stock Exchange announced changes to its transaction fee structure, effective June 2025, which will link fees to transaction amounts and eliminate minimum and maximum fee limits [4][40] - Central Clearing Company has reduced certain transaction fees to support the real economy, effective from January 1, 2025, to December 31, 2027 [31]